Oil News: Futures Rally as Outlook Splits on Iran Risk and Rising Crude Inventory

Group 1 - The technical resistance in the oil market has been cleared, leading to speculative buying and short-covering, while short-sellers are reacting to a global supply glut [1] - The American Petroleum Institute (API) reported significant inventory builds in U.S. crude and products, with crude stocks rising by 5.23 million barrels, gasoline inventories climbing by 8.23 million barrels, and distillate inventories increasing by 4.34 million barrels [2] - Venezuela has begun reversing oil production cuts due to a U.S. embargo, with reports of two supertankers carrying about 1.8 million barrels each headed to the U.S. as part of a 50-million-barrel deal [3] Group 2 - The oil market faces a potentially bearish scenario as supply is moving without disruptions, indicating a stable supply situation [4] - The situation in Iran remains uncertain, with the potential for turmoil to escalate, but major disruptions to oil production are not anticipated unless external attacks occur [5]